All about EPFO Passbook
EPF passbook is a document that contains all contributions made in EPF and EPS accounts by both the employee and the employer. The EPF passbook contains information on all monthly contributions made as well as the interest accumulated in the beneficiary’s account. It is worth noting that if you have multiple EPF accounts, you will have separate passbooks for each account, which can be access after logging in with the specific member ID. To access your EPFO passbook, you must first register your UAN (Universal Account Number) on the official EPFO website.
An e-passbook status book that records an employee’s PF transactions and status is known as an e-passbook. Transactions made in an employee’s EPF account can be track both by date and by month using the online e-passbook. The e-passbook also contains additional information about the employee, such as his or her name and date of birth.
Some of the features of an e-passbook are:
It is only available to active members.
- E-passbooks are not available for EPF accounts that have a negative balance, are inactive, or have been settle.
- Exempted establishments do not have access to e-passbooks.
- To obtain an online passbook, members must first register by providing all necessary information.
Steps of download EPFO Passbook
Viewing and downloading the PF Passbook is a simple process that can be accomplish through the EPFO portal. However, if the employee wishes to view and download the passbook online, they must keep the following points in mind:
- Members who complete the UAN registration on the EPFO portal are eligible for the PF passbook service.
- The passbook feature will be available only 6 hours after registration or activation is complete.
- Six hours after registration, the passbook facility will be available.
- The entries on the passbook must be consistent with those made by EPFO field offices.
Structure of EPFO Passbook
- The establishment ID and the company name (Employer).
- The member ID as well as the member’s name (Employee).
- The EPFO office’s name and type.
- Employees and employers both contribute to the total.
- Employee and employer monthly depository and withdrawal contributions
- Contribution to the employee’s pension account on a monthly basis.
- The date and time of the passbook’s printing are also mention at the end of the statement.
Passbook Updations and PF contributions
EPFO updates the EPF passbook whenever a contribution is make to the employee’s account. Even though the date is not specified in the passbook, it does include the month and year of the contribution. If you do not find your EPF passbook update, it is recommend that you wait a few days and log back in to the portal to obtain the update passbook.
Every month, the employer contributes 8.33 percent of the employee’s basic salary and dearness allowance to the employee’s EPS account. If the employee’s salary component is around 15,000, the employer contributes 1250 to the employee’s EPS account. The pension contribution is in the EPF Member passbook last column.
New EPFO reliefs by Government
The new budget has provided significant relief, particularly to employees in terms of salary. This department previously had several issues, particularly with the amount of legal hassles and red tape created, making it nearly impossible for employees to get into. Many concerns were alleviate by the 2015 budget, with the hope that both employers and employees would benefit greatly from it. One of the main highlights is the option not to pay taxes if the monthly income is less than Rs. 30,000. This will also apply to senior citizens, which is quite sustainable because it will help them manage their finances at their age.Senior citizens previously had to pay a monthly amount into their PF, which caused difficulties in accessing it due to legal complications. With the introduction of the new budget, the Indian government has taken visible steps to alleviate the burdens of the working class while also making things easier for all parties involved.